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Yen Near 9-Month Lows, Euro stays on the Back Foot


Thursday, 20 February 2020 15:50 WIB

DOLLAR Yen Euromata uang yen


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The safe haven yen was trading close to nine-month lows against the dollar on Thursday as risk appetite was underpinned by expectations that China will continue with steps to offset the economic impact of the coronavirus epidemic.

The dollar was trading at 111.69 against the Japanese currency by 3:07 ET (8:08 GMT), not far from the highest level since May 2019. The yen dropped 1.3% on Wednesday, its largest one-day percentage decline since August.

The number of new coronavirus cases dropped for a second straight day in China.

China's central bank lowered its benchmark lending interest rate on Thursday, adding to measures aimed at limiting the impact from business shutdowns and travel curbs on the world's second-largest economy.

The euro was trading at 1.0788, close to its weakest level since April 2017. The single currency has been pressured lower after a recent string of weak eurozone economic data boosted speculation that monetary policy will remain looser for longer.

Source : Investing.com


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